CFTC faces pressure of deadline for cross-border rules

The July 12 deadline for extending derivatives rules to overseas financial institutions if trading has "a direct and significant connection with activities" of the U.S. continues to divide the Commodity Futures Trading Commission. While Republican members favor pushing back the deadline, Chairman Gary Gensler says he plans to adhere to it. The deciding vote is thought to be held by the newest Democratic commissioner, Mark Wetjen, who has also expressed concern about the agency's ability to meet the deadline.

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